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Speaker 1: Welcome back to another episode of Sugar Mamma's Fireplay. I

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Speaker 1: am your host financial planner, Canna Campbell, and today we

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Speaker 1: are continuing on with our very important conversation around retiring rich.

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Speaker 1: As you know, I am really passionate about superannuation. I

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Speaker 1: sometimes say super is sexy, and the reason why I

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Speaker 1: say this is to me, I really do believe that

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Speaker 1: superannuation is actually the dark horse of the fire movement

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Speaker 1: and it does play a critical role in potentially helping

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Speaker 1: you achieve financial independence and financial freedom. Now, in last

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Speaker 1: week's episode, which was called how much do you really

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Speaker 1: need in order to be able to retire rich? I

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Speaker 1: shared it with you seven questions to help you work

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Speaker 1: out how much money you need in superannuation to meet

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Speaker 1: your needs, your goals, your dreams. And I used a

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Speaker 1: sort of rough working exams sample with you to show

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Speaker 1: you what I meant, and we worked out that in

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Speaker 1: order to be able to live off one hundred and

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Speaker 1: five thousand dollars per annum in retirement in today's dollars,

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Speaker 1: you're going to need approximately one point eight five million

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Speaker 1: dollars in superannuation, assuming an annual net return of six

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Speaker 1: point five percent per annum, and that those funds should

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Speaker 1: last approximately thirty years before eventually eroding away to zero. Now,

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Speaker 1: again keep in mind that this is one hundred and

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Speaker 1: five thousand dollars in today's dollars, so we need to

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Speaker 1: be very careful of the effect of inflation and of

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Speaker 1: course tax. So today I want to talk about how

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Speaker 1: we can actually build that one point eighty five million

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Speaker 1: dollars superannuation balance. Now, what we're going to do is

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Speaker 1: explore key strategies like SARA sacrificing after tax contributions and

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Speaker 1: so much more that I'm going to share with you

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Speaker 1: one of my best hacks towards the end of this episode,

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Speaker 1: So make sure you listen to this episode all the

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Speaker 1: way through. And I'm also going to show you how small,

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Speaker 1: consistent contributions can help make a huge difference over the

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Speaker 1: long run. So by the end of today's episode, you'll

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Speaker 1: see that no matter where you are on your financial journey,

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Speaker 1: it is never too late. Now, before we dive in,

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Speaker 1: let me just stress this. The sooner that you get started,

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Speaker 1: the easier your journey is going to be. And it

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Speaker 1: is never too early to start engaging with your superannuation.

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Speaker 1: Even in consideration to the age limits as to when

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Speaker 1: you can access this. I've never had someone complain to

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Speaker 1: me that they have too much money in superannuation, and

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Speaker 1: of course it goes without saying all of my episodes,

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Speaker 1: including this one, are general in nature and educationally based only.

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Speaker 1: All right, let's get cracking with building our one point

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Speaker 1: eight five million dollar superannuation and best for portfolios. All right,

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Speaker 1: let's start with a bit of a reality check here.

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Speaker 1: Superannuation may feel like something that is so far off

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Speaker 1: in the distance, but it is so important to start

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Speaker 1: planning now. According to Australian super the average superannuation account

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Speaker 1: balance for people age between forty five and forty nine

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Speaker 1: is about one hundred and ninety seven thousand, five hundred. Now,

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Speaker 1: for men that number is a little bit higher at

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Speaker 1: two hundred and thirty seven thousand, two hundred, and for

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Speaker 1: women it's a lot lower at one hundred and fifty

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Speaker 1: eight thousand, one hundred. So we can already see the

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Speaker 1: disparity here, especially for women. And obviously this is due

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Speaker 1: to career breaks for raising children and caregiving. And when

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Speaker 1: I say career breaks, this also includes casual work and

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Speaker 1: part time work. Particularly if this breakaway from actually being

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Speaker 1: titled to superannuation has been for an extended period of time.

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Speaker 1: There is definitely a financial penalty here and the system

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Speaker 1: needs to change. But this is not what today's episode

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Speaker 1: is about. It's about building that one point eight five

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Speaker 1: million or superation investment portfolio. So let's take a hypothetical

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Speaker 1: example here. So imagine you're forty five years old and

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Speaker 1: you're earning approximately one hundred and fifty thousand dollars per annum,

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Speaker 1: and you have, on average, like the average Australian one

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Speaker 1: hundred and ninety seven thousand, five hundred dollars already in superannuation,

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Speaker 1: and you are not making any additional contributions at all.

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Speaker 1: You're just relying solely on your employer's compulsory super guarantee contributions,

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Speaker 1: which is currently at eleven point five percent per anum. Now,

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Speaker 1: assuming that you don't get any pay rises and you

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Speaker 1: just sort of keep swimming along earning one hundred and

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Speaker 1: fifty thousand dollars a year and your employer contributes the

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Speaker 1: eleven point five percent per annum, by the time you

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Speaker 1: reach age sixty five, that superannuation account balance should be

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Speaker 1: around approximately eight hundred and ninety seven thousand dollars assuming

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Speaker 1: a net return of seven point five percent. Now, that

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Speaker 1: may sound like a lot of money, and it most

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Speaker 1: definitely is, but I need to be realistic with you.

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Speaker 1: As I said, we're having a bit of a reality check.

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Speaker 1: Let's break this down. If you plan to live on

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Speaker 1: one hundred and five thousand dollars per autum in retirement

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Speaker 1: in today's dollars, that would mean that if you have

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Speaker 1: an account balance of this eight hundred and ninety seven

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Speaker 1: thousand dollars, your money is actually going to run out.

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Speaker 1: That is, your superannuation money is going to run out

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Speaker 1: during retirement at around about ten to eleven years in Now,

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Speaker 1: if you're assuming you're going to have a long retirement

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Speaker 1: of say thirty years, that means you've got about nineteen

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Speaker 1: to twenty years left to bridge. You are completely stuck

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Speaker 1: for nineteen to twenty years because you've not had enough

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Speaker 1: in super So that is why I am so serious

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Speaker 1: about people understanding in advance about how much they really

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Speaker 1: do need in superannual so that they don't discover this

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Speaker 1: when they go to retire or halfway during retirement, or

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Speaker 1: this example, ten or eleven years into retirement, you're ahead

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Speaker 1: of the game. You knew your numbers because you ran

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Speaker 1: your numbers, You listened to episodes like this, and you

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Speaker 1: started doing all the things to help make sure that

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Speaker 1: you did have enough money into super anation and that

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Speaker 1: it doesn't run out this early. It goes the distance

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Speaker 1: and lasts you that thirty years that we desire. So

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Speaker 1: moving on to a place of solutions, because that's what

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Speaker 1: I'm all about.

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Speaker 2: How do we fix this?

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Speaker 1: All? Right? Well, let's start with two very simple strategies

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Speaker 1: to help boost your super in this example, so there

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Speaker 1: is hope, and I will say this even if you

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Speaker 1: are starting in your mid forties. These are very simple

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Speaker 1: and powerful strategies that you can actually implement today that

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Speaker 1: will help supercharge your super and not only help get

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Speaker 1: you back on track again, but also help catch up

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Speaker 1: for any lost time. So let's go over two of

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Speaker 1: the most effective ones, and that is salary sacrificing and

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Speaker 1: after tax contributions. So salary sacrificing involves making extra contributions

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Speaker 1: to your superannuation but from your pre tax salary. At

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Speaker 1: the moment, on the current legislation, it's actually capped at

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Speaker 1: thirty thousand dollars per financial year. But Let's say that

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Speaker 1: in this situation, you work out, you do your budget,

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Speaker 1: and you go, you know what I can potentially afford

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Speaker 1: to do salary sacrifice ten thousand dollars per annum into

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Speaker 1: my superannuation. And you would normally make a meeting organize

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Speaker 1: this with your HR payroll team to have this implemented,

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Speaker 1: but of course always get advice. Now, the benefit of

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Speaker 1: doing this is is number one, it actually helps reduce

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Speaker 1: your taxable income. Instead of these funds being taxed at

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Speaker 1: your marginal tax rate, which could be as high as

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Speaker 1: thirty nine percent, these contributions are tax just fifteen percent

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Speaker 1: within your super. So not only are you boosting your super,

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Speaker 1: you're also helping save on tax, so it's a win win. Furthermore,

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Speaker 1: it helps compound over time. Super grows in a very

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Speaker 1: tax efficient basis, which means the earlier you start, the

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Speaker 1: longer it has to grow, and the potential bigger account

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Speaker 1: balance or investment portfolio within your super is bubbling away. Now,

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Speaker 1: the second civil strategy, as I mentioned, is an after

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Speaker 1: tax contribution. Now, this is where you make out of

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Speaker 1: your own pocket like almost like a direct debit if

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Speaker 1: you like small, consistent after tax contributions also known as

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Speaker 1: non concessional contributions, and again there are limits for this

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Speaker 1: type of contribution, which are currently around one hundred and

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Speaker 1: twenty thousand dollars per financial year. So as you can see,

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Speaker 1: making after tax contributions is a lot easier when you

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Speaker 1: look at the limits. However, most Australians don't have a

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Speaker 1: spare one hundred and twenty thousand dollars per and I'm

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Speaker 1: to put into superannuation as an after tax contribution, including myself. However,

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Speaker 1: say that you commit to contributing just two hundred and

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Speaker 1: fifty dollars per month, which I have to say is

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Speaker 1: actually close to what the average Australian is now saving

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Speaker 1: from the recent tax cuts, and it works out to

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Speaker 1: be about fifty eight dollars per week, which is roughly

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Speaker 1: the cost of two takeaway meals. So if you can

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Speaker 1: implement this that fifty eight dollars per week or two

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Speaker 1: hundred and fifty dollars per month by making an after

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Speaker 1: tax contribution, you could significantly boost your super over time.

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Speaker 1: So what I'm going to do now is run these

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Speaker 1: two different strategies together. So if you start at age

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Speaker 1: forty five, adding two hundred and fifty dollars per month

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Speaker 1: from your own after tax income, and you also salary

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Speaker 1: sacrifice ten thousand dollars per autum, you could potentially grow

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Speaker 1: your super account balance to one point to three five

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Speaker 1: million dollars by the time you.

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Speaker 2: Reach age sixty five.

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Speaker 1: That is an extra three hundred and thirty eight thousand

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Speaker 1: dollars in comparison to doing absolutely nothing, and in fact,

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Speaker 1: you could go a little bit more if you wanted to.

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Speaker 1: So say you decide, okay, I can actually afford to

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Speaker 1: contribute five hundred dollars per month as an art attax

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Speaker 1: contribution and salary sacrifice fifteen thousand dollars per annum into Super.

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Speaker 2: Now I should point.

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Speaker 1: Out you need to be aware of the current limit

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Speaker 1: that's in place, which is actually thirty thousand dollars per

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Speaker 1: annum for taxable contributions. So we are sailing very close

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Speaker 1: to the wind depending on your gross salary and how

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Speaker 1: it is obviously packaged together. So always speak to your

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Speaker 1: payroll or HR team so that you don't breach any caps.

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Speaker 1: But again, assuming the same return of a net seven

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Speaker 1: point five percent per anum, you could potentially have one

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Speaker 1: point three six six million dollars in super by age

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Speaker 1: sixty five. So there is just over four hundred and

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Speaker 1: sixty thousand dollars more in SUPER by getting on top

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Speaker 1: of this in your mid forties rather than discovering the

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Speaker 1: problem the panic in your early sixties as you approach retirement. Now,

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Speaker 1: I'm fully aware that we haven't actually hit that one

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Speaker 1: point eighty five figure yet. But as you can see

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Speaker 1: from these two simple ideas, these two simple strategies of

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Speaker 1: just salary sacrificing and making some after tax contributions, we

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Speaker 1: have significantly bridged that gap from being eight hundred and

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Speaker 1: ninety seven thousand dollars to potentially one point three six

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Speaker 1: six million dollars. Yes, we are still five hundred thousand

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Speaker 1: dollars short, but don't worry. I've got about ten other

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Speaker 1: things to talk to you about right now. So let's

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Speaker 1: keep going, all right, So additional super strategies. This is

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Speaker 1: the time where we really need to get creative with

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Speaker 1: our contributions and essentially leave no stone unturned. Now, while

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Speaker 1: salary sacrificing and after contributions are some of the most

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Speaker 1: accessible strategies, there are so many other opportunities and strategies

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Speaker 1: out there that you may not actually be aware of,

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Speaker 1: so let's break them down and explore some of these together.

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Speaker 1: Number one, old superannuation accounts. It is quite possible that

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Speaker 1: you may have multiple superannuation accounts floating around in cyberspace.

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Speaker 1: This is why it is so worth doing a quick search.

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Speaker 1: And you may have forgotten about old accounts because you

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Speaker 1: had different jobs over the years. And you can actually

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Speaker 1: get advice from most superannuation account providers as to how

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Speaker 1: to consolidate them. Of course, always be careful of the

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Speaker 1: implications of consolidating, because there are obviously fees and you

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Speaker 1: might trigger taxes and lose benefits such as insurance. But

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Speaker 1: consolidating your superannuation under the general advice banner can actually

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Speaker 1: add a lot of simplicity to your financial strategy. It

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Speaker 1: also ensures that you're not paying and wasting money on

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Speaker 1: multiple fees, and I have to say by having all

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Speaker 1: of your superannuation consolidated into the one investment account, it

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Speaker 1: does actually help make life easier as you try and

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Speaker 1: maxim is the best effect of your investment decisions. But again,

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Speaker 1: always get advice and as you are trying to consolidate

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Speaker 1: your super always make sure that you call your superannuation

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Speaker 1: account provided to understand the process involved. Number two downsizer contributions.

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Speaker 1: As I mentioned, we're really trying to bridge that five

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Speaker 1: hundred thousand dollars gap, and some of these strategies will

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Speaker 1: apply to you and some of them won't, but let's

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Speaker 1: just talk about as many as we can today right now. Now,

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Speaker 1: if you are over age fifty five, you can contribute

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Speaker 1: up to three hundred thousand dollars from the sale of

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Speaker 1: your home into your super now. This is a huge

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Speaker 1: opportunity for anyone who's planning on downsizing and retirement, and

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Speaker 1: this will actually mean that you can free up some

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Speaker 1: cash and boost your superannuation at the same time. And

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Speaker 1: don't forget if it's your principal place of residence. In

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Speaker 1: selling this, most of the time it is capital gains

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Speaker 1: tax free, So this can be incredibly valuable, particularly if

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Speaker 1: you're getting advice as a couple, because this could be

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Speaker 1: your gap immediately. Number Three spouse contributions. If your spouse

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Speaker 1: earns less than forty thousand dollars per annum, you can

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Speaker 1: make contributions into their super and receive a tax offset

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Speaker 1: up to five hundred and forty dollars. Now, This is

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Speaker 1: obviously not a huge amount of money when we were

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Speaker 1: looking at a five hundred thousand dollars gap that we're

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Speaker 1: trying to bridge, but if you look at doing this

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Speaker 1: every single year, it definitely can add up and it

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Speaker 1: is a really great way to help balance out your contributions,

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Speaker 1: especially if one partner took time off for raising children

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Speaker 1: and taking time out of the workforce where they weren't

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Speaker 1: entitled to superannuation anymore. So definitely one researching and speaking

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Speaker 1: to a financial planner about if you can do this

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Speaker 1: every single year will make a huge difference. Number four

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Speaker 1: COVID nineteen early release recontributions. So during the pandemic, many

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Speaker 1: Australians withdrew up to twenty thousand dollars from their super

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Speaker 1: and if you were one of these people, you might

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Speaker 1: actually have the option to be able to recontribue those

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Speaker 1: funds without affecting your contribution caps. Again, you need to

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Speaker 1: get advice around this, But if you are trying to

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Speaker 1: work out, okay, how do I get money back into

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Speaker 1: superinuation now that I'm standing on my own two feet

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Speaker 1: again financially, this may be a great opportunity for you

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Speaker 1: that's worth exploring number five, the government co contribution scheme.

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Speaker 1: This one is particularly valuable and important for low income earners,

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Speaker 1: and I'm also going to include people who you know,

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Speaker 1: it might be students working casually or part time. So

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Speaker 1: if you're earning less than fifty eight thousand, four hundred

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Speaker 1: and forty five dollars per annum, the government should match

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Speaker 1: your after tax contribution up to five hundred dollars. So

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Speaker 1: essentially it's kind of like free money, and it is

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Speaker 1: a brilliant incentive to help keep you building your superannuation. Now,

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Speaker 1: when I was a student, I actually did this myself,

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Speaker 1: and I have no regrets. Yes, I did have to

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Speaker 1: put some of my own after attack money into this,

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Speaker 1: but essentially, at the time, I was almost doubling my money.

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Speaker 1: And when you think about the cost of this contribution

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Speaker 1: with archettax money and you break it up per week,

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Speaker 1: it really is a small amount that you have to

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Speaker 1: contribute over the year to help qualify for this bonus

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Speaker 1: five hundred dollars into your super. Number six redirect newfound savings. Now,

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Speaker 1: over time, you are going to discover lots of new

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Speaker 1: found savings, such as when kids move out, you get

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Speaker 1: a new job, you get a pay rise, you get

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Speaker 1: a promotion, or paying off your mortgage.

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Speaker 2: If you have a mortgage right.

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Speaker 1: Now, you can use those new found savings to get

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Speaker 1: ahead with your superannuation. Do not let the lifestyle creep

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Speaker 1: kick in. So the moment your mortgage is paid off,

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Speaker 1: that three thousand dollars per month or are five thousand

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Speaker 1: dollars per month that you were paying in mortgage repayments,

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Speaker 1: look to contribute that to super to help bridge that

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Speaker 1: remaining five hundred thousand dollars gap. Or if you have

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Speaker 1: kids that finally move those grocery bills, those gas bills,

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Speaker 1: those electricity bills that now come down because you've got

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Speaker 1: less people living under the one roof, make sure you

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Speaker 1: redirect those savings. Look at your budget again, tweak it.

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Speaker 1: Look at a salary sacrificing strategy again. Look at maybe

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Speaker 1: increasing your salary sacrificing strategy or increasing your after tax

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Speaker 1: superannuation contribution strategy. Make sure any new savings you can

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Speaker 1: find and discover along the way, you put into super

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Speaker 1: if that's what's important to you. And on that note,

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Speaker 1: any bonuses or windfalls that come your way again if

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Speaker 1: you want, they can potentially be contributed to superannuation. Little

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Speaker 1: bits here and there really do add up number seven.

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Speaker 1: Review your investments within superannuation and of course your risk profile. Now,

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Speaker 1: in these examples and projections that I've just used, I've

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Speaker 1: used a net return of seven point five percent per

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Speaker 1: annum for the accumulation phase, that is, and then I've

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Speaker 1: used a net return of six point five percent per

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Speaker 1: annum for the pension phase. Now, with the assistance of

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Speaker 1: a good financial planner, your returns actually may exceed this,

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Speaker 1: which is one of the many reasons why you should

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Speaker 1: go and see a financial planner today. And if you're wondering, well,

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Speaker 1: where am I going to possibly get a return hard

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Speaker 1: than seven point five percent, I'm not here to tell

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Speaker 1: you where to invest. I'm going to tell you make

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Speaker 1: sure you educate yourself and look to history, particularly if

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Speaker 1: you look at the history of the Australian share market,

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Speaker 1: the Australian property market, and of course the international share market,

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Speaker 1: where those long term returns over say a thirty year period,

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Speaker 1: do yes exceed that seven point five percent per annum.

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Speaker 1: So if you're worried about not getting to that one

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Speaker 1: point eight five million dollar fear in time, this is

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Speaker 1: a great place to tweak, change, review, and get advice on.

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Speaker 1: That is the investments within your superannuation portfolio. Number eight

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Speaker 1: legislation and loopholes. Every time a new budget comes out,

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Speaker 1: those rules and regulations always change. So this is why

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Speaker 1: it pays to have a good financial planner because they

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Speaker 1: are up to speed with any of those legislation changes

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Speaker 1: that might actually help create further opportunities for you to

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Speaker 1: get more money into superannuation in a legal efficient manner,

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Speaker 1: which in fact also includes opportunities to be able to

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Speaker 1: save money along the way and invest However, it is

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Speaker 1: a financial planner's job to be proactive on this, so

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Speaker 1: they should be the ones calling you, going, okay, the

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Speaker 1: budgets just come out. You should be doing this because

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Speaker 1: this means you can get xyzx into superannuation, which means

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Speaker 1: you can potentially retire two years sooner, or you could

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Speaker 1: potentially take a larger retirement income. Your financial planner should

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Speaker 1: be considering absolutely everything that's going to help you, particularly

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Speaker 1: when there are changes in legislation, all your situation changes,

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Speaker 1: and a very simple, classic example of this is the

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Speaker 1: current super guarantee contribution, which at the moment is eleven

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Speaker 1: point five percent however in July twenty twenty five, but

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Speaker 1: this is expected to go to twelve percent per annum,

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Speaker 1: again an additional half a percent in superannuation going into

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Speaker 1: your account. These little things really do add up, so

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Speaker 1: obviously more money going into your superannuation from your employer.

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Speaker 1: Number nine small business rollover relief. Now this is the

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Speaker 1: one that I think a lot of people don't know about,

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Speaker 1: particularly small business owners, but.

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Speaker 2: Really do need to know about.

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Speaker 1: If you are a small business owner and you have

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Speaker 1: something called an active asset that you sell, you may

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Speaker 1: be able to defer part or even all of your

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Speaker 1: capital gains. Now, there are two sides to this, and

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Speaker 1: it really depends on your age and obviously the type

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Speaker 1: of business that you're running in for how long you've

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Speaker 1: been running that business. So you've got to go and

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Speaker 1: speak to your accountant about this and get proactive advice.

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Speaker 1: But for certain people who qualify, you can potentially have

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Speaker 1: your capital gain paid into your superannuation without having to

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Speaker 1: worry about any caps, which could potentially, on top of

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Speaker 1: save you hundreds of thousands of dollars in tax. This

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Speaker 1: is quite a complex area, and I'm going to share

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Speaker 1: a link to a great article that explains this in

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Speaker 1: more detail, because I'm not a chartered accountant and I

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Speaker 1: need to respectfully stay in my lane, but this is

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Speaker 1: something you need to get advice on and I will

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Speaker 1: share with you. I actually did this myself, where I

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Speaker 1: was able to save myself over one hundred and fifty

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Speaker 1: thousand dollars in tax by selling an asset and instead

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Speaker 1: of having to pay that money to the ATO, I

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Speaker 1: was able to put it into superannuation and pay no

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Speaker 1: tax at all. So make sure you are talking to

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Speaker 1: your accountant as well as your financial planner about all

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Speaker 1: the different opportunities that might be applicable to you, particularly

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Speaker 1: if you're a small business owner and number ten investing.

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Speaker 1: If you've been able to invest outside of superannuation, whether

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Speaker 1: you started yesterday or ten years ago or twenty years ago,

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Speaker 1: you might be in a fortunate position where you're able

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Speaker 1: to afford having less money in Super. That is, you

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Speaker 1: can get away with having less money in Super and

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Speaker 1: use your investment asset base or your investment passive income

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Speaker 1: to help supplement your time needs. Or alternatively, you may

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00:22:01,960 --> 00:22:04,720
Speaker 1: be able to actually shift, that is, sell move some

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Speaker 1: of those investment assets you've accumulated over the last five, ten,

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Speaker 1: fIF twenty years into superannuation to help you get to

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Speaker 1: that one point eight five million dollar goal. But again,

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Speaker 1: any type of moving of assets where would be your

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00:22:18,119 --> 00:22:21,560
Speaker 1: superannuation or your investment portfolio, always speak to a financial

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Speaker 1: planner and an accountant so you understand all the risks,

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Speaker 1: all the consequences of course, all the taxes and fees

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Speaker 1: that apply. So as you can now understand, superannuation is

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Speaker 1: a very powerful asset base to hold and build your assets.

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Speaker 1: Little bits here and there, particularly when you start sooner

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Speaker 1: rather than later, really do pay off. And it is

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Speaker 1: not just the contributions, it's the actual strategy behind the

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Speaker 1: financial plan, the wealth accumulation game plan that works in

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00:22:53,760 --> 00:22:58,639
Speaker 1: a powerful combination for you and your financial goals and dreams.

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Speaker 1: For most of us, it is going to take a

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Speaker 1: combination of different strategies, investment decisions, loopholes, tweaks and changes

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Speaker 1: as we go through our wealth creation journey. But the

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Speaker 1: important thing is you understand what you want, you understand

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Speaker 1: what you need, and you understand the figure the number

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00:23:19,000 --> 00:23:22,359
Speaker 1: that you need in superannuation, not somebody else's averages that

402
00:23:22,359 --> 00:23:25,040
Speaker 1: you've seen in the media, but actually what you need,

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Speaker 1: whether it be one point eighty five million dollars or

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00:23:28,080 --> 00:23:32,760
Speaker 1: eighteen million dollars in super invest time. Now understanding what

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00:23:32,840 --> 00:23:35,399
Speaker 1: you need and what you want that is when you

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00:23:35,440 --> 00:23:38,159
Speaker 1: want to retire, and on how much income, and of

407
00:23:38,200 --> 00:23:42,119
Speaker 1: course what the impact of inflation is on those figures

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Speaker 1: over the long one, so that you are never caught

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Speaker 1: out short. You never need to hit the panic button

410
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Speaker 1: seeing your assets eroded a faster speed than you expected.

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Speaker 1: This is the value of being proactive, smart and sensible

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Speaker 1: with your superannuation. So please never get discouraged if you

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00:23:59,440 --> 00:24:01,679
Speaker 1: are studying late in life or you feel like you

414
00:24:01,720 --> 00:24:05,720
Speaker 1: are not contributing enough. As you know, small changes now

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00:24:05,840 --> 00:24:08,960
Speaker 1: can have a massive impact over time. Those two simple

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00:24:09,000 --> 00:24:12,080
Speaker 1: examples of ten thousand dollars salary sacrificed and two hundred

417
00:24:12,080 --> 00:24:14,760
Speaker 1: and fifty dollars per month help make us three hundred

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Speaker 1: and thirty eight thousand dollars better off. But that is

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00:24:19,320 --> 00:24:24,480
Speaker 1: by implementing ideas and strategies today. And even if these

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Speaker 1: contribution ideas are feeling overwhelming and completely unobtainable for you,

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00:24:29,960 --> 00:24:34,520
Speaker 1: please don't ignore this advice. My advice then back to

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Speaker 1: you if you are feeling overwhelmed by this is to

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Speaker 1: simply start, but start small. Look to salary sacrifice, perhaps

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Speaker 1: ten dollars per week, or to contribute five dollars per.

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Speaker 2: Week into your superannuation.

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Speaker 1: But once you've started, look to slowly build it up

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00:24:51,080 --> 00:24:53,360
Speaker 1: from there. For example, you start with ten dollars per

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00:24:53,400 --> 00:24:56,600
Speaker 1: week for the next six months. Then after time, when

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00:24:56,600 --> 00:24:58,879
Speaker 1: you realize you're not really missing that ten dollars per week,

430
00:24:59,040 --> 00:25:02,280
Speaker 1: you look too incl reset to say fifteen dollars per week,

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00:25:02,680 --> 00:25:04,959
Speaker 1: and then six months later you look to increase that

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Speaker 1: to twenty dollars per week. If you can do this

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Speaker 1: on a regular basis, where you review your budget, your

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Speaker 1: spending habits, your cash flow needs, I guarantee you will

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00:25:14,359 --> 00:25:18,040
Speaker 1: find space to be able to consistently and continuously increase

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00:25:18,119 --> 00:25:22,800
Speaker 1: these regular contributions into superannuation. Energy flows where attention goes.

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00:25:23,000 --> 00:25:26,280
Speaker 1: So keep your eye on your superannuation, never forget what

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00:25:26,400 --> 00:25:29,520
Speaker 1: you need in superannuation and when you want to retire,

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00:25:29,960 --> 00:25:34,040
Speaker 1: and constantly keep your eyes open for opportunities to get

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00:25:34,080 --> 00:25:37,280
Speaker 1: more money into superannuation, even if it is ad hoc

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00:25:37,359 --> 00:25:40,800
Speaker 1: contributions where you get a bonus, you get a tax refund,

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00:25:41,160 --> 00:25:44,479
Speaker 1: sell something you even win something, but of course always

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00:25:44,480 --> 00:25:47,080
Speaker 1: go and get advice. Just promise me this, you will

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00:25:47,119 --> 00:25:50,239
Speaker 1: always be ahead of the game and remain focused. And

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00:25:50,280 --> 00:25:52,679
Speaker 1: when you focus on what you want, for example, in

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00:25:52,720 --> 00:25:55,440
Speaker 1: this episode one point eight five million dollars in super

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00:25:56,080 --> 00:25:59,040
Speaker 1: it is incredible the shift that happens in your mindset.

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00:25:59,200 --> 00:26:02,040
Speaker 1: You start looking for solutions rather than being stuck in

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00:26:02,080 --> 00:26:05,439
Speaker 1: a place of fear and panic. And it's quite amazing

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00:26:05,480 --> 00:26:08,600
Speaker 1: because you actually realize how many different opportunities there are

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00:26:08,720 --> 00:26:11,719
Speaker 1: around us every single day to save some money or

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00:26:11,760 --> 00:26:15,280
Speaker 1: earn some extra money. But it is your choice, your

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00:26:15,320 --> 00:26:20,320
Speaker 1: responsibility to step up, take those windfalls and redirect them

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00:26:20,440 --> 00:26:24,760
Speaker 1: into superannuation if that's what you want. And every single

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00:26:24,800 --> 00:26:27,920
Speaker 1: dollar that you can get into superannuation takes you one

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00:26:28,040 --> 00:26:31,600
Speaker 1: step closer to bridging that gap from where you are

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00:26:31,800 --> 00:26:34,680
Speaker 1: right now to where you want to be in the future,

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00:26:34,880 --> 00:26:39,600
Speaker 1: that is enjoying a long and luxurious retirement. So remember

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00:26:39,800 --> 00:26:42,560
Speaker 1: superannuation is one of the most tax effective ways for

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00:26:42,600 --> 00:26:46,240
Speaker 1: you to invest in your future. You are not saving

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00:26:46,240 --> 00:26:50,840
Speaker 1: for retirement. You are efficiently maximizing your investments and also

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00:26:51,160 --> 00:26:56,959
Speaker 1: minimizing tax along the way through superannuation. And that is

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00:26:57,000 --> 00:27:01,560
Speaker 1: why superannuation is sexy and the dark of the fire movement.

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Speaker 1: So as we wrap up today's episode, what to next, Well,

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Speaker 1: go back and listen to last week's episode, work out

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00:27:08,720 --> 00:27:12,880
Speaker 1: how much you need for your retirement sweet spot, use

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00:27:12,880 --> 00:27:15,320
Speaker 1: the Sugar Mamma calculators to help you, and then go

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00:27:15,359 --> 00:27:18,960
Speaker 1: and see a qualified financial planner because they'll be able

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00:27:18,960 --> 00:27:21,520
Speaker 1: to talk about even more different ideas and strategies that

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00:27:21,560 --> 00:27:23,959
Speaker 1: will help you even more. And of course they're going

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00:27:23,960 --> 00:27:26,880
Speaker 1: to navigate you all the way through the superannuation system,

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00:27:27,280 --> 00:27:30,119
Speaker 1: help you avoid unnecessary taxes and ensure that you are

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00:27:30,280 --> 00:27:34,320
Speaker 1: on track for a financially free retirement. All right, that

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00:27:34,520 --> 00:27:37,480
Speaker 1: is it for today's episode. Next week we're going to

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00:27:37,520 --> 00:27:39,840
Speaker 1: be raising the benchmark even further, and this is where

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00:27:39,840 --> 00:27:41,919
Speaker 1: I'm going to share with you how to aim and

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00:27:41,960 --> 00:27:47,000
Speaker 1: work towards building a two point two million dollar superannuation portfolio. Yes,

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00:27:47,080 --> 00:27:50,960
Speaker 1: it is possible, it doesn't come without work, sacrifices, and

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00:27:51,000 --> 00:27:53,920
Speaker 1: of course commitment and dedication, but it is most definitely

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00:27:54,000 --> 00:27:56,480
Speaker 1: worth it. So thank you so much for tuning in.

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Speaker 1: Until next time, keep that financial fire burning bright, and

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00:28:00,160 --> 00:28:02,480
Speaker 1: as always, please make sure you send this episode to

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00:28:02,560 --> 00:28:04,400
Speaker 1: any of your family and friends that you think would

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00:28:04,440 --> 00:28:08,240
Speaker 1: benefit from this valuable, wise sensible advice.

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Speaker 2: Catch you next Monday morning. A five A. Chaffner